Oakwood Homeloans has completed its first securitisation of 300m in mortgage assetts.
Oakwood Homeloans completed the deal on November 30 2005 through the Alba 2005-1 vehicle. It comprises 200m of near-prime residential mortgage assets from Preferred Mortgages, and 100m of conforming buy-to-let assets from Platform Home Loans.
Mortgage Strategy can also reveal that Oakwood Homeloans will continue to trade and operate seperately from the new lender that The Oakwood Group will launch with the help of the HBOS Famous Five who jumped ship earlier this year.
This latest deal represents Oakwoods first securitisation in the UK. The company has previously completed four securitisations through its Australian subsidiary, Pepper Homeloans. The transaction is part of Oakwoods on-going strategy to expand its activity in the UK mortgage market.
The assets will be serviced by Homeloan Management and Western Mortgage Services while Oakwood will act as special servicer on both portfolios. The transaction also included a monoline wrap of one AAA tranche provided by CIFG.
Michael Culhane, chief executive of Oakwood, says: Platform and Preferred are both well established mortgage lenders with solid track records and strong asset performance.
“This transaction significantly enhances our position in both the UK mortgage space and the wider investment community.
The Oakwood Homeloans team have worked hard to build on the experience of its first acquisition from Amber Homeloans in February and have successfully tackled the challenge of a first-time securitisation.
“We now look forward to continuing to develop Oakwood Homeloans as an efficient and reliable purchaser, securitiser and special servicer of UK mortgage assets.
CSFB acted as financial advisor and warehouse provider to Oakwood for the acquisition of the mortgage pools. The lead managers on the securitisation were Credit Suisse First Boston and Lehman Brothers. Oakwood was advised in the transaction by Clifford Chance.